We all know that life insurance is important, but many of us choose to ignore the reality of what would happen if we were to die suddenly without proper protection.
If you do not currently have a life insurance policy, you are not alone. Many people in this country do not own a life insurance policy in any amount, with private renters among the worst culprits.
Only a quarter - 25% - of people who are renting from private landlords have life insurance, fresh research shows.
According to Sainsbury’s Bank, 13% of those who rent from a private landlord worry about the financial implications for their family if they were to die before old age at least once a month, with 8% even worrying daily. This is rather concerning given that around 15% of the people in the UK are living in a property rented from a private landlord.
Sainsbury’s Bank is urging landlords to encourage tenants to take action and take out a life insurance policy rather than worrying about what could happen if the worst were to happen.
Karen Hogg, head of insurance at Sainsbury’s Bank, said: “Protecting your loved ones is an important priority for many families. Therefore it’s worrying that many people who rent do not have financial protection in place should they fall critically ill or pass away unexpectedly.
“Making sure your tenants are aware of the importance of life insurance is a responsible thing to do as a landlord. It will help to give your tenants peace of mind knowing their family is in safe hands.”